FTX now trying to see if it can get Galaxy Digital to oversee what is left of its crypto bags before it is given back to creditors
According to the Bloomberg report, experts running FTX have come up with a plan on"comprehensive management and monetization," whose goal is to prepare the remaining crypto for to be distributed to creditors and reduce the exposure of these crypto assets to market volatility.
As part of the aforementioned plan, certain crypto assets can be sold or staked; besides, it allows for"the hedging of Bitcoin and Ether exposure to mitigate risks from market volatility." As for staking, it allows for making profit from pledging crypto to help sustain a blockchain. Now, FTX seeks permission from the court to ink an investment services agreement with Mike Novogratz's Galaxy Asset Management; that is part of the aforementioned plan. According to the current FTX administrators, they decided to go for Galaxy after consulting with the official group of unsecured FTX creditors, once other candidates had been considered.
They reckon that a thorough risk management plan will be the best solution for protecting FTX's crypto holdings and to help distribute them equally to creditors.FTX crashed in early November last year, when its founder and CEO, former crypto billionaire Sam Bankman-Fried, attempted to use customers' funds to bail out his pocket trading firm, Alameda Research, which was going bankrupt.
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